NPORT-P
    false
    
      
      
        
          0001418191
          XXXXXXXX
        
      
      
      
      
        S000020728
        C000057866
        C000207663
      
      
      
    
  
  
    
      Walthausen Funds
      811-22143
      0001418191
      549300PX6FHD9NLVN921
      2691 Route 9
      Suite 102
      Malta
      
      12020
      518-348-7217
      WALTHAUSEN SMALL CAP VALUE FUND
      S000020728
      549300GWDQJ2PN4NB049
      2022-01-31
      2021-07-31
      N
    
    
      160681365.47
      974715.66
      159706649.81
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0
      N
      
        
          
          
        
        
        
        
      
      
      
      
      
    
    
      
        Heritage-Crystal C
        N/A
        Heritage-Crystal Clean, Inc. 
        42726M106
        
          
        
        67146.00000000
        NS
        USD
        1892174.28000000
        1.184781148594
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Heartland Financial USA, Inc.
        549300QF7B0DFZT32C73
        Heartland Financial USA, Inc. 
        42234Q102
        
          
        
        66320.00000000
        NS
        USD
        3025518.40000000
        1.894422307148
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        The Andersons Inc
        L38MWB8MVRFV7HVJPU11
        Andersons, Inc. (The) 
        034164103
        
          
        
        53750.00000000
        NS
        USD
        1435125.00000000
        0.898600654204
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Ampco Pittsburgh
        N/A
        AMPCO-PITTSBURGH CORPORATION 
        032037103
        
          
        
        70850.00000000
        NS
        USD
        441395.50000000
        0.276378911288
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Albany International Corp.
        L73WCPNCZIRSQGZTW097
        Albany International Corporation Class A
        012348108
        
          
        
        24370.00000000
        NS
        USD
        2104349.50000000
        1.317634239089
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Institutional Cash Portfolios
        549300SHPEJB1OPRCV46
        Fidelity Institutional Money Market Government Por Tfolio
        316175108
        
          
        
        2534422.50000000
        PA
        USD
        2534422.50000000
        1.586923589603
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Horizon Bancorp Inc
        549300U2OQ2EIT5MXG39
        HORIZON BANCORP 
        440407104
        
          
        
        149000.00000000
        NS
        USD
        2489790.00000000
        1.558977038815
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Trico Bancshares
        N/A
        TriCo Bancshares 
        896095106
        
          
        
        55980.00000000
        NS
        USD
        2207291.40000000
        1.382091104300
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Global Industrial Company
        N/A
        Global Industrials, Co. 
        37892E102
        
          
        
        49733.00000000
        NS
        USD
        1965448.16000000
        1.230661442299
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NMI Holdings Inc
        529900KNNGFXJX1C3Z08
        NMI Holdings, Inc. Class A
        629209305
        
          
        
        111882.00000000
        NS
        USD
        2463641.64000000
        1.542604295394
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NBT Bancorp Inc
        N/A
        NBT Bancorp, Inc. 
        628778102
        
          
        
        89050.00000000
        NS
        USD
        3103392.50000000
        1.943183019424
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Axcelis Technologies, Inc.
        529900HF9B6NL1QG9F05
        Axcelis Technologies, Inc. 
        054540208
        
          
        
        11480.00000000
        NS
        USD
        442554.00000000
        0.277104303750
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Williams Indl Svcs Group Inc
        CTDK3GGI58CIT29OJ228
        Williams Industrial Services Group Inc 
        96951A104
        
          
        
        346605.00000000
        NS
        USD
        1708762.65000000
        1.069938322563
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Skyline Champion Corporation
        N/A
        Skyline Champion Corporation 
        830830105
        
          
        
        23310.00000000
        NS
        USD
        1314684.00000000
        0.823186762457
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Perdoceo Education Corporation
        529900X5PCA184O9LY90
        Perdoceo Education Corporation 
        71363P106
        
          
        
        306630.00000000
        NS
        USD
        3636631.80000000
        2.277069742760
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Stewart Information Services Corporation
        529900TV1XI0PLKENU10
        Stewart Information Services Corporation 
        860372101
        
          
        
        52540.00000000
        NS
        USD
        3100385.40000000
        1.941300129761
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OSI Systems Inc
        DDX3MPX1Y8YD30050X33
        OSI Systems, Inc. 
        671044105
        
          
        
        21710.00000000
        NS
        USD
        2172085.50000000
        1.360047000287
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Ameresco Inc
        529900NZXZGBCBXYY327
        Ameresco, Inc. 
        02361E108
        
          
        
        36110.00000000
        NS
        USD
        2474618.30000000
        1.549477309143
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Global Medical Reit Inc
        549300HFRIPQDYU3GU60
        Global Medical REIT, Inc. 
        37954A204
        
          
        
        223427.00000000
        NS
        USD
        3476524.12000000
        2.176818638507
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Pinnacle Financial Partners Inc
        54930098EZ8JMSAZGS24
        Pinnacle Financial Partners, Inc. 
        72346Q104
        
          
        
        23914.00000000
        NS
        USD
        2142933.54000000
        1.341793558721
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Knowles Corporation
        5493003EO323TDZQU148
        Knowles Corporation 
        49926D109
        
          
        
        107860.00000000
        NS
        USD
        2161514.40000000
        1.353427927122
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        LSI Industries
        529900HY42OANH6BVT33
        LSI Industries, Inc. 
        50216C108
        
          
        
        328190.00000000
        NS
        USD
        2471270.70000000
        1.547381216085
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Monro Inc
        N/A
        Monro, Inc. 
        610236101
        
          
        
        51780.00000000
        NS
        USD
        3003240.00000000
        1.880472731456
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Textainer Group Hl
        529900OHEYRATAFMIT89
        Textainer Group Holdings Ltd. 
        G8766E109
        
          
        
        106218.00000000
        NS
        USD
        3428717.04000000
        2.146884330789
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Seacoast Banking
        549300V6IC06XYQYPG88
        Seacoast Banking Corporation of Florida 
        811707801
        
          
        
        88920.00000000
        NS
        USD
        2702278.80000000
        1.692026476802
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Thermon Group Holdings
        529900ZNZBBLDE77MZ38
        Thermon Group Holdings, Inc. 
        88362T103
        
          
        
        169050.00000000
        NS
        USD
        2816373.00000000
        1.763466332397
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Kulicke and Soffa Industries, Inc.
        529900H6BEIRBF429744
        Kulicke & Soffa Industries, Inc. 
        501242101
        
          
        
        23350.00000000
        NS
        USD
        1269306.00000000
        0.794773418332
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        EPR Properties
        549300YSSXFHMPOWZ492
        EPR Properties REIT
        26884U109
        
          
        
        56560.00000000
        NS
        USD
        2844968.00000000
        1.781371034571
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        UFP Technologies
        549300RJ8LY41HS70C91
        UFP Technologies, Inc. 
        902673102
        
          
        
        42010.00000000
        NS
        USD
        2511357.80000000
        1.572481673736
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Washington Tst Bcp
        J66MZFCNJPP3PERHZW54
        Washington Trust Bancorp, Inc. 
        940610108
        
          
        
        61140.00000000
        NS
        USD
        2980575.00000000
        1.866281086946
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Methode Elec Inc
        529900VM413LGLUS3F07
        Methode Electronics, Inc. 
        591520200
        
          
        
        62770.00000000
        NS
        USD
        3002289.10000000
        1.879877327319
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Vishay Intertechnology, Inc.
        5493009O8F3QQJTCQR75
        Vishay Intertechnology, Inc. 
        928298108
        
          
        
        61249.00000000
        NS
        USD
        1355440.37000000
        0.848706282182
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Rogers Corp
        PW0CN80KNFR7RUOOKJ84
        Rogers Corporation 
        775133101
        
          
        
        6280.00000000
        NS
        USD
        1196968.00000000
        0.749479124021
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Allied Motion Tech
        549300I2LHAWYGNBPM97
        Allied Motion Technologies, Inc. 
        019330109
        
          
        
        94105.00000000
        NS
        USD
        3096995.55000000
        1.939177581950
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        1ST Finl Corp Ind
        N/A
        First Financial Corporation 
        320218100
        
          
        
        76110.00000000
        NS
        USD
        3048205.50000000
        1.908627789529
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Lakeland Financial
        N/A
        Lakeland Financial Corporation 
        511656100
        
          
        
        29495.00000000
        NS
        USD
        1972330.65000000
        1.234970899675
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Commercial Metals Company
        549300OQS2LO07ZJ7N73
        Commercial Metals Company 
        201723103
        
          
        
        101690.00000000
        NS
        USD
        3335432.00000000
        2.088474089192
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Signet Jewelers Limited
        549300N3XPGE91WV7M22
        Signet Jewelers Ltd. 
        G81276100
        
          
        
        50030.00000000
        NS
        USD
        3218930.20000000
        2.015526719663
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Kelly Services Inc
        N/A
        Kelly Services, Inc. 
        488152208
        
          
        
        166720.00000000
        NS
        USD
        3654502.40000000
        2.288259383280
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        City Holding Co
        N/A
        City Holding Company 
        177835105
        
          
        
        41358.00000000
        NS
        USD
        3129146.28000000
        1.959308697366
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Hackett Group Inc
        5K016KLIRB6156644289
        Hackett Group, Inc. (The) 
        404609109
        
          
        
        140082.00000000
        NS
        USD
        2510269.44000000
        1.571800199294
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Tennant Co
        JYAIRLT8DVP6DP8UT336
        Tennant Company 
        880345103
        
          
        
        36700.00000000
        NS
        USD
        2903704.00000000
        1.818148463733
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CNX Resources Corporation
        549300JK3KH8PWM3B226
        Cnx Resources Corporation 
        12653C108
        
          
        
        94000.00000000
        NS
        USD
        1137400.00000000
        0.712180739720
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ABM Inds Inc
        QF02R89VEIOROM77J447
        ABM Industries, Inc. 
        000957100
        
          
        
        51503.00000000
        NS
        USD
        2394374.47000000
        1.499232795158
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        1ST Bancorp Nc
        549300QGC3EY3EV0NS72
        First Bancorp/NC 
        318910106
        
          
        
        74530.00000000
        NS
        USD
        2981200.00000000
        1.866672429449
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NuVasive Inc.
        549300C5ZB4NZ6TWM881
        NuVasive, Inc. 
        670704105
        
          
        
        39870.00000000
        NS
        USD
        2549686.50000000
        1.596481112735
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        M/I Homes, Inc.
        5299005M71FH9CCSFB69
        M/I Homes, Inc. 
        55305B101
        
          
        
        40219.00000000
        NS
        USD
        2602571.49000000
        1.629594943664
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Camden National Corporation
        549300ZVEDL2L8UW4F28
        Camden National Corporation 
        133034108
        
          
        
        75521.00000000
        NS
        USD
        3381075.17000000
        2.117053468983
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Gulfport Energy Corporation
        549300FJX18IDUFPHD40
        Gulfport Energy Corporation 
        402635502
        
          
        
        14050.00000000
        NS
        USD
        959615.00000000
        0.600861016834
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Stock Yards Bancorp Inc
        549300YERP9H5TDIQW16
        Stock Yards Bancorp, Inc. 
        861025104
        
          
        
        29150.00000000
        NS
        USD
        1388706.00000000
        0.869535490007
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        UMH Properties Inc
        529900OM5K3PJ11F0Q09
        UMH PROPERTIES, INC. REIT
        903002103
        
          
        
        139130.00000000
        NS
        USD
        3238946.40000000
        2.028059823340
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OceanFirst Financial Corp.
        549300S643N80889EH26
        OceanFirst Financial Corporation 
        675234108
        
          
        
        71820.00000000
        NS
        USD
        1400490.00000000
        0.876914018086
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Accuray Incorporated
        549300G28LY4TZKZJG51
        Accuray, Inc. 
        004397105
        
          
        
        773610.00000000
        NS
        USD
        3171801.00000000
        1.986016865154
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Green Dot Corp
        N/A
        Green Dot Corporation Class A
        39304D102
        
          
        
        67040.00000000
        NS
        USD
        3088532.80000000
        1.933878647930
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Deluxe Corporation
        KWGNKB8TX9LE5TV29231
        Deluxe Corporation 
        248019101
        
          
        
        68960.00000000
        NS
        USD
        3027344.00000000
        1.895565402944
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Mercer International Inc.
        549300Z5IAG39VRTY874
        MERCER INTERNATIONAL,INC. 
        588056101
        
          
        
        271530.00000000
        NS
        USD
        3157893.90000000
        1.977308962248
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Great Southern Bancorp, Inc.
        5493000ZL7DLNMN1AB26
        Great Southern Bancorp, Inc. 
        390905107
        
          
        
        59265.00000000
        NS
        USD
        3083557.95000000
        1.930763655532
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Great Lakes Dredge & Dock Corporation
        549300H65E3MZ1CX0P05
        Great Lakes Dredge & Dock Corporation 
        390607109
        
          
        
        114236.00000000
        NS
        USD
        1759234.40000000
        1.101541108083
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Landec Corp
        549300EHBZ5OM9ND9O43
        Landec Corporation 
        514766104
        
          
        
        268267.00000000
        NS
        USD
        2934840.98000000
        1.837644821609
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        AZZ Inc
        549300HD1X2NFLWPYC83
        AZZ, Inc. 
        002474104
        
          
        
        63670.00000000
        NS
        USD
        3373873.30000000
        2.112544032458
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Apria Inc
        N/A
        Apria, Inc. 
        03836A101
        
          
        
        80250.00000000
        NS
        USD
        2530282.50000000
        1.584331336866
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        VSE Corp
        549300QWJYQDH4U5XI15
        VSE CORPORATION 
        918284100
        
          
        
        58380.00000000
        NS
        USD
        2921919.00000000
        1.829553749625
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Kimball Electronics Inc
        549300COBYN2GZCBIU87
        Kimball Electronics, Inc. 
        49428J109
        
          
        
        138740.00000000
        NS
        USD
        2828908.60000000
        1.771315473316
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Vishay Precision G
        N/A
        Vishay Precision Group, Inc. 
        92835K103
        
          
        
        89490.00000000
        NS
        USD
        3251171.70000000
        2.035714670533
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2021-08-09
      Walthausen Small Cap Value Fund
      Daniel Bauer
      Daniel Bauer
      AVP, Fund Accounting